Unlocking your potential Our global real estate team€¦ · Sales and purchases 14 Leasing 18...

Unlocking your potential Our global real estate teamEversheds Sutherland at MIPIM 2017

Foreword We are delighted to be attending MIPIM again this year. I will be joined by over 30 partners from 12 of our global offices.

Introducing Eversheds SutherlandFebruary 2017 saw the strategic combination of Eversheds & Sutherland Asbill & Brennan LLP to create Eversheds Sutherland. This landmark move greatly increases the firm’s footprint and enables us to offer our clients a truly global platform including strong U.S. coverage. MIPIM 2017 is one of the first global conferences that we will attend as Eversheds Sutherland - read more about us on page 8.

What we do and how we do it We provide real estate services covering the complete project life-cycle from finance, structuring and purchase, through development and asset management to sale and realisation of returns.

We operate in many regulatory environments across the globe with clients from a variety of cultural backgrounds with different levels of market and transactional experience.

You’ll find full details of our services and capabilities on pages 13-50.

In good companySome of our key clients include:

Land Securities Blackstone Microsoft

SEGRO Swedish State Pension Fund HSBC

Legal & General Citi Group Facebook

Canada Life LBQ Hilton

Hammerson State of Qatar Berlin Hyp

Harworth Catalyst Capital Cisco

St Martins BNP Paribas Expedia

Lend Lease Credit Suisse LinkedIn

Aberdeen Asset Management TH Real Estate Bayerische

Landesbank

Taylor Wimpey Lloyds Barclays

You will find contact details for our MIPIM 2017 team on pages 5-7. Alternatively, we can be reached on Twitter @ESRealEstateLaw and on LinkedIn @ Eversheds Sutherland Real Estate.

Please do get in touch, we would be delighted to hear from you. I hope you have a fruitful MIPIM.

Gurjit Atwal Head of Real Estate SectorEversheds Sutherland

Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017

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https://twitter.com/ESrealestatelaw

https://www.linkedin.com/company-beta/10476847


Our credentials

Our team consists of 2,400 lawyers including c.700

partners across the globe

We act for over 62 of the FTSE 100, 58 of the

Fortune 100 and 92 of the Fortune 200

2,400LAWYERS

Advising four of the world’s leading

sovereign wealth funds

We operate from 61 offices across 29 jurisdictions in Africa, Asia, Europe,

the Middle East and the United States with an

additional network of over 200 relationship law firms

across the globe

We have the largest full service real estate team of any global law firm consistently ranked in directories worldwide

We are on the panel of more than 25 major

international banks several hundred global

corporations

We have deep experience in many industry sectors,

including energy and infrastructure, financial services and technology

We advised our clients on landmark deals including

The Shard (London), Grand Central (Birmingham), Media

City (Manchester)


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Contents

Our team at MIPIM 2017 5Introducing Eversheds Sutherland 8“Brexitrump” and the real estate markets 10Sales and purchases 14Leasing 18Development 22Global Estate Management 26Asset management 28

Debt finance 32Tax and Transaction Structuring 36Construction and litigation 40Corporate and Funds 42Other services 46Our US experience 48Get in touch 52

“They are an innovative law firm who were prepared to work with Microsoft in a different way, providing alternative global fee menus. Eversheds Sutherland stood out by providing a customized, innovative and client facing solution.”Tim Osborn Assistant General Counsel, Microsoft


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Our team at MIPIM 2017

Gurjit Atwal Head of Real Estate Sector

Tel: +44 778 897 [email protected]

Tom Goldsmith Partner

Tel: +44 746 957 7549 [email protected]

Bruce Dear Head of London Real Estate


Lee Jackson Partner


Lynde Marshall Partner


Simon Mead Partner


Angus Ford Partner


Robert Ludwig Partner


Michael Buchanan PartnerTel: +44 797 317 0049 [email protected]

Joanne Canning PartnerTel: +44 774 847 [email protected]


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Joseph StanleyPartner


Johan JoosPartner


Christophe Sciot-Siegrist PartnerTel: +33 060 983 [email protected]

Thomas Ziegler Partner


Dr Gerhard MoltPartner


Philipp Turnwald CounselTel: +49 89 5456 [email protected]

Saara RaitalaPartner


Pekka KokkoPartner


Markus RämöPartner


Alvise Dona dalle Rose Partner


Cian Macginley Partner



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Matthijs Bolkenstein Partner


Paul Goedvolk Managing Partner


Patryk Galicki Head of Real Estate Of Counsel


Javier Ibáñez Partner


Rafael Arráez Partner


Victor Haley Partner


D. Clayton HowellPartner


Tord SvenssonPartner

Tel: +46 07 09 79 87 [email protected]

Ludvig BlomqvistPartner

Tel: +46 07 09 79 87 [email protected]


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Eversheds Sutherland represents the combination of two firms with a shared culture and commitment to client service excellence. We are each known for our commercial awareness and industry knowledge and for providing innovative and tailored solutions for every client.

Increasing globalization has changed the nature of business. It has also changed the type of advice our clients need. Eversheds Sutherland was formed with this in mind. As our clients expand globally, we are with them.

Our lawyers around the globe are united by our vision, values and understanding of our clients’ businesses and their needs. They provide legal advice of the highest quality whether they are operating within country or across borders from our 61 offices in Africa, Asia, Europe, the Middle East and the United States. Specific information on our US capability can be found on pages 48-50.

We consider every opportunity and issue with the same energy and creative, proactive approach. This can involve developing efficient structures for business transactions, devising novel case strategies in litigation and being at the forefront of new legal developments. We also offer a unique project management approach that enables us to deliver complex, multi-jurisdictional legal services through a single point of contact, providing efficiency and certainty for our clients.

Above all, we listen to our clients. Our solutions-oriented, service-led approach attracts clients faced with issues and opportunities that demand in-depth understanding of business, specific industry knowledge and the ability to manage substantial matters across borders.

Through our own offices and network of relationship firms we can provide a managed global legal service. We have a unique track record acting for clients such as Hilton, Tyco and IATA in delivering consistent high-quality global legal services, reducing legal department administration and data analysis and enhancing risk and cost control.

Introducing Eversheds Sutherland


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Client commitment. Innovative solutions.

Global service.

Our global network of offices allows us to advise our clients across every jurisdiction.

US offices

Middle East offices

Europe offices

Africa offices

UK offices

Asia offices


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“Brexitrump” and the real estate markets

Politicians want you to watch them; ratings bring votes. Brash brands beat polite ones. Trump has pumped this idea into politics. It’s his signature style, “I added show business to the real estate business.” Property people should understand Trump. We all know deal-doing, 3am-calling, charging-buffalo CEOs. That’s Trump: “Mentally, I have to get a deal. It’s how I get my kicks.”

The first rule of Trump Club is: do deals. This will sometimes have good results, and sometimes bad - because no-one can call a deal before it closes. The bargains Trump will strike with China or Russia remain unclear - but he will try to do deals with them. A deal driven world is an uncertain one. Our own Brexit, after all, is still only a range of possible deals.

Maybe we should stop obsessing about politicians. Predicting markets from politics is like guessing what’s in your cake by staring at the icing. Long-term tectonic trends, grinding the economy like glaciers, are more important than short-term politicians. We should rise above the political noise and track the economy’s enduring trends.

1. An ageing population - the grey tide is risingBy 2050, 50% of the UK’s population will be over 65 and the retired will outnumber the working 3 to 1. The simplest way to pay for this is a combination of higher taxes, targeted (not universal) state provision and people paying for themselves. But raising taxes and cutting universal benefits is electorally toxic. No one goes near a politician who suggests them.

This creates an opportunity for the private sector, particularly those with long-term capital. The population’s richest segment is now pensioners, so housing and caring for them can create long income. Expect institutions and funds to explode into the senior living market and dominate it for decades.

2. The residential shortfallThe housing shortage is the UK’s seemingly unshakeable hex. We need to build 400,000 homes a year and we manage a measly 100,000. This is a standing national embarrassment. The new government has shown welcome interest in encouraging all types of tenure (not just pumping build to sell), including rental solutions and BTR. There are early signs of a rental residential renaissance. Legal & General and other institutions have moved into BTR. Berkeley and Barratt, among others, are block selling BTR lots to institutional and overseas investors. Hunger for pension-matching income can marry into solving the UK’s chronic residential deficit. The government should encourage this virtuous union by cutting the 3% stamp duty land tax on institutional BTR.


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3. The infrastructure deficitThe OECD says the UK should spend 3.5% of GDP on infrastructure. Recent governments have been spending about 1.5% - a £45 billion annual gap. The new cabinet has recognised this and extended infrastructure spending and strategic focus. For example, it will help residential and infrastructure mixed-use developments in regional cities (see below). But the government has a problem. The national debt is growing by over £5000 a second. One answer would be Trumpian borrowing (capital cost is historically low and it’s what the U.S. is proposing). However, this administration, even post Osborne-austerity, has little appetite for more debt.

Step forward the private sector. Institutions have long-term pension liabilities and long-term capital. Infrastructure needs just such patient long-haul capital. It’s a marriage made in actuarial heaven. So the government should match-make it by deregulating and incentivising the sector and joint venturing with institutional players of standing. The government has a big institutional gun to kill the infrastructure deficit. It should fire it.

4. Currency is KingSince the Brexit vote, sterling is the Forex playground weakling: down 19% against the US Dollar, 11% against the Euro and 15% against the HK Dollar. This is unlikely to change whilst we are in the Brexit exit lounge. This currency special offer, coupled with quietly correcting capital values, offers non-sterling investors 20%-plus discounts. Overseas investors will be the major players in UK real estate for years to come.

5. Ring in the Regions The UK’s regional cities should be more Brexit resilient than London. The government wants to rebalance the UK economy to heal regional inequality. So, it will try to keep the Midland’s Engine running and the Northern Powerhouse charged up, partly by locating millions of sq ft of new government hub offices in Manchester, Birmingham and Bristol. All are cities less dependent than London on cross-border financial services. “Northshoring”, general cost cutting relocation from London and regional infrastructure-linked development via HS2 (and hopefully HS3) will all gather pace. Good times for Manchester and Birmingham. Last year’s comparative rents show it: London office rents down 7.1%, Birmingham office rents up 6.7%.


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6. Income is Emperor Income is the golden thread that leads you through the labyrinth of turbulent times. Pension fund demand, a low return environment and volatility will all drive a global yen for investments yielding secure long income. Long-let offices, index-linked and stepped-rent warehouses, government (or quasi-government) backed income streams and institutional-grade alternative assets, will all be the grails of this global investment quest. Logistics should be a big beneficiary, particularly in the Midlands and on the M25 rim, where supply is at record lows and demand is currently unaffected by Brexit. As demand will far exceed supply, expect all these asset classes to create capital growth.

7. The Trump trendAs a property man, Donald Trump believes in the power of debt and the transformative power of real estate and infrastructure. Trump is not just “tweetonomics”. He has an idea of what he wants: tax cuts for corporations and the middle classes; incentives for U.S. companies to repatriate capital; fiscal stimulus for infrastructure and financial services deregulation.

True, some of this will get lost in the legislative toboggan ride. But some of it will get through, and U.S. economic data on employment, growth and earnings is already strong and bolstered by low interest rates. The U.S. offers interesting real estate and infrastructure opportunities. UK institutions and investors are responding by ramping up their transatlantic activity.

Brexit and Trump’s victory have both created vehement controversy. This article is about markets, not politics and - purely in market terms - neither looks as dangerous (yet) as the GFC or the 1973 Oil Shock and Secondary Banking Crisis.

We could spend the next four years trying to second guess Trump and Co. But that’s a fool’s job. As Trump said in the early 90s,”Over the years I’ve surprised a lot of people. The largest surprise is yet to come...” Even he couldn’t have known how true that was.

So, don’t try and predict Trump or bet on the brand of Brexit we’ll get. Insulate yourself against them with trend-based business.

Bruce DearHead of London Real EstateEversheds Sutherland

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Our experience

The following sections provide an overview of our experience and knowledge across the complete project life cycle including:

– Sales and purchases – Leasing – Development – Global Estate Management – Asset management – Debt finance – Tax and transaction structuring – Construction and litigation – Corporate and funds – Other services – Our US experience

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Sales and purchases Over the past three years we have helped our clients purchase over €20 billion of real estate assets.

Sales and purchases demand a wide variety of fully integrated skills. We will always field and co-ordinate teams that deliver succinct and joined-up advice for you.

Due diligence drives asset acquisitions. We will work with you to identify your key objectives and tailor our due diligence and advice to deliver them. We will produce precisely targeted reports which you will be able to use for negotiation, price reduction and future planning.

Contract negotiations anchor all transactions. We will concentrate on what you want commercially and get you the contract terms that deliver it.

Deal managementWe focus intensely on transaction management. This begins with assembling the right team for you and embedding efficient communication and an effective project management plan. We will also use the full range of IT tools, such as online extranets, to help manage information efficiently for you. During each deal, we will set up regular feedback sessions, update meetings and calls for you. This ensures you will have full visibility on progress and the opportunity to input on all issues that matter to you.

Direct and indirect dealsWe will adapt our approach and team, depending on whether you intend to make a direct or indirect real estate acquisition. We have extensive experience in establishing and dealing with joint venture vehicles, both in the regulated and unregulated space.

Construction and litigation

Global estate management

Tax and transaction structuring

Other services

Debt financeLeasing Development Asset management

Corporate and funds

Sales and purchases

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Other services


Corporate and funds

Sales and purchases

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Sales and purchases experience

Client Experience

Investors and property developers

Acquisition of a hotel building in Brussels South railway station, to include all negotiation work, due diligence, and contract drafting.

Ilmarinen Sale of a portfolio of 1,200 apartments and 28 residential properties in 15 prime locations around Finland.

Bankruptcy estate of Talvivaara Sotkamo

Sale of numerous properties in Sotkamo, Finland, comprising Europe’s largest nickel mine with the total area of over 5,500 ha.

Middle East fund €103m acquisition of the building “La Factory” located in Boulogne-Billancourt, France.

International Investor Acquisition and finance of a portfolio of 23 shopping centres in Germany for €680m.

Union Investment Acquisition of 4/5 Grand Canal Square. This was the client’s first real estate acquisition in Ireland, one of the largest single asset deals of the year.

Cairn Homes The acquisition of Project Clear, a portfolio of development land and other real estate assets worth in excess of €500m including land representing approximately 20% of all space zoned for residential use in Dublin, Ireland.

Hibernia REIT Acquisition and asset management of several landmark multi-let office investments in Dublin with a combined total value of circa €340m.

Centerscape The acquisition of multiple retail properties located around Poland. Advice included due dili-gence, structuring the transaction, finance and contract negotiation.

Rockspring Sale of a portfolio of 4 retail warehouses and a shopping centre in Spain.

Kier £100m acquisition of the development site and, via an offshore corporate wrapper, 40,000 sq ft office space in Manchester.

Global Gate Capital Acquisition of a portfolio of 4 logistic properties in Hamburg, Offenbach and Munich.

Birmingham City Council and Network Rail JV

£335m sale of the 435,000 sq ft Grand Central shopping centre in Birmingham, UK to Hammerson. We have been retained by Hammerson on the leasing of the development.




Other services


Corporate and funds

Sales and purchases

€


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Client Experience

Land Securities Acquisitions and sales of retail and leisure assets for £700m+, including the X-Leisure Fund, the Printworks Manchester and the Cornerhouse Nottingham in the UK.

Lloyds Development Capital

£307m acquisition of NEC group – including the National Exhibition Centre, International Convention Centre and National Indoor Arena (now the Barclaycard Arena) in the UK.

LBQ £1.2bn acquisition and development financing of the Shard of Glass and the Place at London Bridge in the UK.

LetterOne Establishment of a new student housing platform seeded with an initial portfolio of ten student properties across England and Scotland for £680m.

HVB Immobilie Turn-around and sale of the client’s Swedish €40m asset Front Lindholmen.

Private English investor Sale of a hotel complex in Courchevel, France.

Metsnik and Tornator A major forest sale transaction, one of the largest in Estonia.

Homburg (Geneba) One of the largest real estate transactions in the Baltics, including in total c. 50 properties in all three Baltic states.

Hilton Acquisition of Penta Holdings, relating to 24 hotels in Germany, Austria, UK, Belgium, and the Czech Republic.

Confidential investor Sale and transfer of the Amsterdam flagship stores of Hudson Bay for €200m.

Property company Restructuring and the indirect sale and transfer of a premium retail portfolio in the Netherlands to Patrizia.

Investment company Acquisition of Windpark Kreekraksluis, an onshore wind project in the Netherlands.

Citygrove Purchase of land in Barcelona from Catalunya Bank for the construction of a retail park.

Banco Sabadell, Banco Popular, ING Bank and Westimmo Bank

Release of the securities in connection with the €90m purchase of an office building located in Madrid by WPP from NZ Patrimonio.

Catella Real Estate AG Acquisition of 1 George’s Dock, Dublin, Ireland, leased to JP Morgan, for €40m.

Pimco Sale of a portfolio of real estate assets to an ESB Pension Fund for circa €140m.

Keva Transactions and real estate matters including the acquisition of Ramboll Finland’s new HQ.




Other services


Corporate and funds

Sales and purchases

€


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LeasingWe have over €40 billion worth of assets under management.

Leases drive the marketWe understand that delivering letting transactions quickly, without compromising quality, is critical to you. We will be by your side all the way from heads of terms to completion.

We will always offer you our input at the start of transactions. We will help you ensure that heads of terms are legally feasible and appropriate.

On receipt of heads of terms, we will prepare and issue documents to counterparties at top speed, often using pre-prepared packs. We will work with you to prepare these in advance to get transactions moving quickly.

MeetingsJust turning numerous drafts with tenants is unproductive and time consuming. We prefer to meet them and their advisors and agree key points, rather than batting travelling drafts backwards and forwards between lawyers. This approach greatly accelerates your transactions. We will also work closely with you (and constantly seek feedback) to streamline your work.

Anchor tenant clients

John Lewis Amazon

Selfridges Facebook

Harvey Nicholls Microsoft

Malmaison Top Shop




Other services


Corporate and funds

Sales and purchases

€


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Other services


Corporate and funds

Sales and purchases

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“They have been one of our very best performing panel firms ever since we started to use them. A relentless commitment to client service and to doing their very best in our interests sets them apart.”Michael Barrie - Director of Funds, Legal & General

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Leasing experience

Client Experience

Claire’s Accessories Advice on all real estate matters in Belgium, including lease renewals, breaks and re-gearing.

Paris-Saint-Germain FC Lease agreement for new headquarters in France.

Microsoft Lease for office space in the Paris region.

LinkedIn The negotiation of a fitting-out works contract for its Paris office.

Forever 21 Lease agreements for retail spaces and distribution centres across multiple European coun-tries, including France, Germany, The Netherlands and Belgium.

Paul Smith Advice on the client’s business roll out in Germany.

Hilton Leases and franchise agreements in Germany, The Netherlands and Belgium.

Urban Outfitters Shopping centre and high street retail leases in Germany and the Netherlands.

Hibernia REIT plc Lease of 85,000 sq ft office deal in Dublin, Ireland to Twitter, with a rental value of €4.5m p.a, and further lease deals with HubSpot and Iconic.

Microsoft Advice on all real estate matters in Ireland and Belgium, including lease renewals, breaks and re-gearing.

Boeing Various lease agreements for office space in the Netherlands and Germany.

Cisco Lease agreements of multiple offices in Spain, Poland and France.

English Cities Fund 80,000 sq ft leasing of One New Bailey in Manchester to Freshfields Bruckhaus Derringer.

Topshop Advice in relation to all of the client’s retail leases in Germany.

HSBC Advice in relation to the high profile relocation of its UK ring fenced bank HQ from Canary Wharf to Arena Central in Birmingham, which was the largest inward investment deal outside London since 2002, and the UK’s highest profile relocation deal post global crisis.




Other services


Corporate and funds

Sales and purchases

€


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Client Experience

Facebook The development agreement for the client’s 250,000 sq ft European HQ on Oxford Street in London and the client’s head lease in Paris.

LinkedIn Lease agreement for the client’s offices in Madrid.

State of Qatar and Sellar The signature letting of the 430,000 sq ft, 17 floor Place development at London Bridge to The Times, Dow Jones, Harper Collins and The Sun, as well as major lettings in the main Shard of Glass tower with Health Corporation of America, Mathys and Squire, Shangri-La and the rental record-breaking letting to Leonteq.

Confidential Advice to a number of Global Corporates on all leasing related matters in Sweden.

Expedia The letting of several premises in France and Spain.

Microsoft Negotiating and renewing the client’s lease agreement in Estonia.

Marks & Spencer Lease negotiations in relation to a major lease in Estonia.

Property company Sale and leaseback of a logistics property to Montea Nederland N.V in the Netherlands.

Room Mate Hotels Negotiation and execution of multiple turnkey hotel developments and lease agreements in Barcelona and Madrid.

IFDS Lease of its Irish HQ at Bishop Street, Dublin, Ireland at a rent of circa €1m pa.

“Despite what was without question a very challenging timescale (one no-one thought we would achieve) with your help, commitment and hard work we exceeded expectations. What was of significant assistance was your ability to distil complicated issues while also offering possible solutions. Thank you again.”Development Director Hammerson




Other services


Corporate and funds

Sales and purchases

€


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DevelopmentOur experts can guide you through the key stages of your developments: finance, land assembly, urban planning, vacant possession strategy, construction, pre-letting and completion.

We advise our investor and developer clients on the full range of development and refurbishment. This work can be as complex as the site acquisition of 13,000 plots for London’s Olympic Park to something as simple as re-partitioning an office suite.

Our teams understand the nuts and bolts of property development and can dovetail the necessary land law, landlord and tenant, construction and urban planning advice needed either to undertake a development or manage/acquire a development asset.

With our help, development obstructions can be quickly identified and addressed/managed. This gives clients comfort for the future and is invaluable when securing development finance.

Managing development riskThe key to a successful development is early analysis and the management of risk and regulatory requirements. With this in mind, we work from the outset to address the key issues:

– scheme footprint

– rights to light

– oversailing

– environmental risks

– onsite and offsite works

– vacant possession strategy

– headlease restrictions

– restrictive covenants

– regulatory restrictions

– planning permission

– Community Infrastructure Levy

– sustainability requirements

– financial contributions to works

– building regulations

– construction procurement

methods, professional appointments and building contracts

– liquidated damages

– performance bonds and guarantees

– tax

– S.106 and S.278 Agreements

– pre-lettings

– warranties and third party rights




Other services


Corporate and funds

Sales and purchases

€


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“The depth and breadth of the team’s expertise and their professional approach throughout the process has been invaluable in reaching this significant milestone. They were proactive, delivered on time and were available at short notice.”Jenny Cochrane Head of Legal at Manchester Airport Group




Other services


Corporate and funds

Sales and purchases

€


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Development experience

Client Experience

Rockspring Support the client’s major development scheme in France.

Marks & Spencer Establishment of operations in France and Belgium.

Harworth Advising on all aspects of the award winning Logistics North development in the UK from the initial conditional sale agreement through the planning process, the financing of the infrastructure, construction contracts, plot sales and forward funding.

A global online retailer All real estate, planning and construction work for the client’s entire UK portfolio and projects in Spain, Germany, Ireland and Egypt.

Aerium A joint venture development of a €80m city centre retail project in Kiel, Germany.

Avestus Capital Partners Advice to a joint venture with Centerbridge on a residential development of 455 new homes in Dublin, Ireland.

Cairn Development of its real estate portfolio in Ireland, including the Argentum property portfolio acquired for over €100m.

CGN Nuclear Acquisition of a portfolio of 14 windfarms in Ireland including a number of windfarms in Northern Ireland, for c. €400m.

The City of Warsaw Obtaining zł1bn financing from the European Investment Bank for projects in transport, edu-cation, healthcare, social services and public spaces in Poland.

English Cities Fund JV Advice in relation to the £650m regeneration of Salford’s historic and civic centre in Manches-ter from the initial development agreement through planning, land assembly(including CPO) to the current delivery state.

General Directorate for National Roads and Motorways

Advice related to the A2 motorway in Poland, including on construction of a new junction, maintenance of the existing motorway, EU law (state aid) aspects and financing of the project for €1.3bn.

Harbert Management The development of several residential plots in Spain.

Confidential investor Establishment of 3 new investment funds for developments in Sweden valued at kr1bn.




Other services


Corporate and funds

Sales and purchases

€


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Client Experience

Birmingham City Council and Network Rail

The £600m redevelopment of New Street Station in Birmingham, UK including the pre-let of the 250,000 sq ft John Lewis and the redevelopment of Pallasades and Ladywood House to create the new Grand Central shopping centre.

Qatar National Bank Financing of the £340m Fielden House development adjacent to The Shard in London for residential units, including advice on complicated issues such as vacant possession and rights to light.

St. Martin’s Courtyard Land acquisitions, planning, obtaining vacant possession, headleases, tax, planning, construc-tion, leasing and management in St Martin’s Courtyard in London including a £120m financing of the completed development by Aviva.

Amstone Site assembly, the forward funding and construction of a £98.7m private rented sector devel-opment scheme in Manchester.

The Shard and the Place Financing of the £1.2bn Shard of Glass development at London Bridge comprising offices, restaurants, a hotel, apartments and a viewing gallery as well as continued advice on con-struction contracting, tax structuring, construction financing, technical title matters, certifi-cates of title, pre-lettings, corporate matters and property management contracts.

Triton Knoll Offshore Wind Farm

Land assembly of a major 60km underground cable route and associated infrastructure con-necting into the existing National Grid in the UK.

Facebook Development agreement for the client’s European HQ of 250,000sq ft on Oxford Street in London, as well as their new offices in Paris, Berlin and Warsaw.

Kohila Vineer Planning and construction of the client’s, new plant in Estonia.

Pärnu Airport Advice in relation to the first phase of reconstruction of Pärnu Airport in Estonia.

Skinest Arendus OÜ Advice in relation to a large New-Holland development in Estonia.

Thor Equities Construction documentation for the development and refurbishment of a major retail devel-opment in Madrid.

Westhill Land & Property 3 property portfolio acquisitions (residential and commercial) for over €50m, and the devel-opment of sites at Dublin, Cork and Meath, Ireland.




Other services


Corporate and funds

Sales and purchases

€


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Global Estate ManagementWe can offer you one point of contact, in the time zone of your choice, for all your real estate needs.

Corporations working across jurisdictions often find themselves working with different law firms across their portfolios. This is time consuming and cumbersome and can lead to inconsistency of service, documentation and billing coupled as well with a lack of transaction visibility.

Key GEM clients:

Microsoft Rolls Royce

Cisco Smiths Group PLC

IATA Hilton

Office Mentor Graphics

Our GEM service can deliverA leading real estate partner who will be your Global Account Manager to:

– manage your global service team

– action all new instructions

– ensure your bespoke SLAs and KPIs are met

– be responsible for reporting and management information

– train and brief our global service team

– interface with your global surveyors/partners

– manage your online deeds portfolio

Cost certainty across your portfolio requirements:

– innovative fee structures, including global fixed fees

– simplified billing – one bill for all your work

– e-billing in the currency of your choice

Speed of delivery:

– bespoke SLAs to set targets for transaction times

– trained, dedicated service team

– quick integration of payment and procurement systems

– teams with environmental, construction, tax and planning experience in the relevant jurisdiction




Other services


Corporate and funds

Sales and purchases

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Client Experience

Microsoft Advice on the client’s corporate office portfolio across EMEA and Asia Pacific.

Cisco Full reporting, advisory, drafting, training and after care services in connection with the new suite of global construction contracts across the Americas, EMEA and Asia Pacific.

Facebook Letting of premises in a number of European locations.

Hilton Lease and franchise agreements across Germany.

Whitestuff Advice in relation to the client’s German business roll out and various high street retail leases.

The International Baccalaureate Organisation

Site delivery as part of the client’s global hubs project in the Netherlands, Singapore and the US.

Diversified industrial client Advice relating to the client’s acquisition programme in Poland.

Global corporate A real estate health check project in connection with all of their non-US real estate including a high level review of its leasehold interests and full due diligence.

“The team at Eversheds provided the perfect mix of technical excellence and innovative skill, a strong negotiating stance, knowledge of the market and its negotiating norms, the ability to work round the clock and, most importantly, a great sense of humour! These are people who are great to work with.”Nick Raby Lead Facebook Counsel




Other services


Corporate and funds

Sales and purchases

€

Global Estate Management experience


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Property management is key and often undervalued by lawyers. This can lead to matters being given to inexperienced junior staff creating inconsistent service delivery and problems on disposal.

We know that all asset management is vital to safeguard your assets and create income flow. We ensure that all management matters are allocated to properly qualified and experienced solicitors, who negotiate them under close partner supervision with minimum fuss through to completion.

A full life cycle approachOur asset management teams will flex to suit your demands. They will be involved in the purchase of an asset and will ensure the seamless transition from purchase to daily management and eventual sale of the asset. This full life cycle approach sets us apart from some firms who prefer to focus only on sale and purchase transactions, and it creates best value to you.

We divide up letting work between our transactional andasset management teams. The transactional team dealwith the high value/anchor type lettings whilst the assetmanagement team deals with the routine/repeat lettings.

Our asset management work often involves advice on: – rights to light

– tenant insolvency

– enforcement of covenants

– technical service charge advice

– boundary disputes

– Carbon Reduction Commitment

– Equality Act

– alterations

– lease extensions

– debt collection

– lease re-gearing

– maintenance and repair obligations

– telecoms wayleaves

Asset management




Other services


Corporate and funds

Sales and purchases

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Other services


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Asset management experience

Client Experience

Tristan Capital Ongoing asset management service in Germany, including advice on leases, and real estate litigation.

Grant Thornton Management and disposal of five retail shopping centres in Ireland.

Microsoft Advice on all real estate matters in Ireland, Sweden and Belgium.

Credit Suisse, Union Investment, Acciona Inmobiliaria, BBVA, Deka

Delivery of cadastral-related services in order to increase the tax efficiency of Spanish property portfolios.

Legal & General Advice in relation to all aspects of the property portfolios of the Legal & General Linked Pensions, Linked Life, Managed and Property Unit Trust Funds with a total value of c. £5bn, including some of the most prestigious properties in the UK such as the Rolls Building, the F.A.’s Football University at Burton on Trent, and over £2bn of top flight retail and supermarket property.

Hammerson Advice in relation to the client’s £2bn UK shopping centre portfolio. This includes the development and letting of Victoria Gate Leeds and Watermark Southampton, and the initial development, letting, subsequent “Spiceal” Street extension and ongoing management of Bullring, Birmingham.

Blackstone Asset management and high value leasing for three of the client’s prime London assets: The Adelphi, Devonshire Square and Broadgate Quarter.

SEGRO The management of their Park Royal and Greater London industrial portfolios with a combined areas of over 6m sq ft of built space. The focus is on speed to rent which is measured through quarterly reports against pre-agreed metrics and also involves advising on ‘build to suit’ units and distribution warehouses.




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Client Experience

Credit Suisse Property letting and asset management transactions including advice on rights of light and service charge recovery, tenant insolvency and enforcement, to high value lettings including securing office deals at rents over £1m p.a. in landmark buildings in London and major UK cities. We also advised on The high profile insolvency of UK law firm Halliwells, which was headquartered in Credit Suisse’s building at Spinningfields in Manchester. This involved advice on creditor’s rights, regaining possession, service charge cost recovery and a strategy to maximise the landlord’s debt recovery from the insolvent tenant.

Aberdeen Asset Management

Property asset management covering all aspects of office, industrial and retail work in the UK and assistance in Belgium and Finland with transactional work.

Trigon Capital Asset management services in relation to property in Estonia.

Metro Capital Advising one of the leading residential property developers in a number of matters in Estonia.

Land Securities Asset management services for the UK’s largest REIT across its multi-billion London, retail and leisure portfolios, as well as major developments and refurbishments, including One New Change, Gunwharf Keys and Westgate Oxford.

“I think of Eversheds as a partner, not a supplier. It’s a service that hits all the right spots. They have introduced innovative methods that have allowed us to reduce costs whilst still making it a worthwhile deal for Eversheds. They always deliver on budgets because they are open, up front and have the right conversations with us.” Head of Legal Land Securities




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Our real estate and banking teams work closely together to provide cohesive and integrated advice.

We have extensive experience in advising on domestic and international real estate finance transactions in the investment, development and structured real estate debt sectors. Clients include the whole range of lenders and borrowers. Through our work for them, we have developed a deep understanding of each party’s needs and requirements and give robust advice on all lending matters including:

– assistance in agreeing the term sheet

– negotiating the facility agreement and related security/finance documentation

– preparing property due diligence

– work on satisfaction of conditions precedent

– post completion registrations and formalities

We understand how real estate assets are managed and always ensure that the finance documents dovetail with the property management and other asset requirements. Where acquisitions are debt funded we integrate our due diligence to minimise duplication and save clients’ money.

Debt finance




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Clients

Aeriance Credit SuisseQatar National

Bank

BarclaysDeutsche

Pfandbriefbank AGRBS

Bayerische Landesbank

HSBC Santander

Blackrock ICG-LongbowStarwood

Capital Group

Cain Hoy Legal & GeneralSunrise Senior

Living

Catalyst Capital LetterOne TH Real Estate

Cheyne Capital Lloyds Urban Exposure

Credit AgricoleNational Bank of

Abu DhabiVenn Partners





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Debt finance experience

Client Experience

Bayerische Landesbank and Deka Bank

Multimillion euro loan facility for the acquisition of PEP shopping centre Neuperlach (Munich) by TIAA CREF, one of the largest single asset transactions in Germany.

Invesco Real Estate €188m loan facility for the acquisition of a portfolio of office properties in Berlin, Hamburg, Munich and Offenbach in Germany.

Credit Suisse €200m loan facility for the acquisition of a portfolio of residential properties in Germany.

HSBC €108m loan facility for the refinancing of a portfolio of industrial properties in Germany.

Apollo Asset Managers and Deutsche Bank

Acquisition from Ulster Bank of a portfolio of real estate backed loans in Ireland with a par value of c. €1.5bn.

McGarrell Reilly Group Development of its land and the Charlemont Regeneration Project in Dublin, Ireland in conjunc-tion with Dublin City Council.

Ivy Groep €60m financing with Banque J. Safra Sarasin (Luxembourg) SA for development various shopping buildings located at Rokin in The Netherlands.

DG Infra Yield and Tinc €50m acquisition finance of onshore windfarm in The Netherlands with ASN Bank and ASN Groenfonds.

Harbert Management Corporation

Financing of several property acquisitions with Banco Santander in Spain.

Rockspring PIM Refinancing of the acquisition of Rockspring’s Spanish retail portfolio.

Bank syndicate £300m senior and mezzanine loan financing package for the development of student accommo-dation in the UK.

Urban Exposure £80m loan facility to fund a mixed use development in Greater London.

LetterOne Treasury Services £100m facility on a residential development financing in Central London.




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Client Experience

Venn Partners £100m whole loan financing of Hub’s Hoola residential development at London’s Royal Docks and subsequent sell-down of a senior tranche to a Far Eastern bank (and related intercreditor arrange-ments). Also advice on all aspects of the structuring of the client’s PRS government guarantee scheme, as well as precedent loan and security documentation.

Cheyne Capital Several UK development whole loan facilities with subsequent senior sell down and related intercreditor arrangements.

Santander and United Overseas Bank

Advice in relation to a $450m JV between Arora, Queensgate Investments and AEG, on the financing of the Intercontinental at the O2 and related residential tower in London.

Barclays Bank More than 12 residential development financings including one for Barclays on Mount Anvil’s Dol-lar Bay development in London.

HSBC £65m hotels development financing in London.

Confidential Bank Islamic (reverse murabaha) financing of a London residential development.

Savills Investment Management

Advice in relation to a number of bilateral acquisition financing facilities, provided by an interna-tional bank for the purposes of acquiring Swedish property and the acquisition of logistic properties in Scotland, the Netherlands and in Sweden.

Wendre Raising money against the client’s properties with the aim of securing financing for the whole business in Estonia.

Kalev REC Reorganisation process of a real estate company, which included acting as a administrator in Estonia.

Berlin Hyp Financing of the acquisition of the Vattenfall Headquarters in Germany by Westbrook Partners and Cornerstone, one of the first transactions under the new German law LMA REF standard.




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Our dedicated real estate tax team will assist you from the start of each transaction and analyse all relevant tax issues.

We can advise on legitimate mitigation of tax liabilities through our wide experience of transaction structures.

StructuringWe advise a wide range of onshore and overseas investors acquiring UK assets. We help them establish the optimal structure for their holding and acquisition vehicles. This typically involves analysing the underlying investors’ tax position, applicable taxation treaties, target investments and the proposed business.

We will propose arrangements that minimise tax leakage, making best possible use for you of the available taxation treaties and local tax rules.

We will work closely with you on all aspects of your structuring, ensuring that the proposed legal solution is commercial and operates without undue cost or bureaucracy.

In working on international structures, we regularly partner with overseas lawyers and custodians in jurisdictions such as the BVI, Channel Islands and Luxembourg. We have all the necessary relationships to deliver any overseas structuring for you in an integrated and seamless style.

Tax and Transaction Structuring




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“They quickly mobilised a sizeable team comprising all the necessary specialists needed for both the real estate and corporate aspects of the transaction and worked incredibly long hours alongside our own team to negotiate and close out the deal. We can see that the specialist knowledge and project management skills brought to bear contributed significantly towards the overall success of the venture.”Nitin Bhandari, LetterOne




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Tax and transaction structuring experience

Client Experience

German investment fund The acquisition and structuring of a Belgian real estate company for a total transaction value of €23m. This involved tax due diligence of the target company, obtaining an advance tax ruling to carry-forward losses in Belgium, and obtaining an advance tax ruling to withhold tax exemption of profit repatriation through dividend/interest payments.

SAREB Full tax due diligence services and tax advice on property disposals including VAT, Transfer Tax and Tax and transaction structuring matters in Spain.

Various confidential investors

Tax advice on SOCIMI tax regime (Spanish REITS).

Confidential investor Full tax due diligence on the acquisition by a major UK investor of units in a Jersey Property Unit Trust including advice on available reliefs, stamp taxes, capital gains base cost, investment vs trading and UK establishment.

LetterOne Structuring of various UK student accommodation deals with a total value of circa £680 million. Two of the portfolio acquisitions were in corporate wrappers.

Saudi Arabian Investors Advice in covering all tax aspects of the financing, acquisition, structuring and development of the landmark Park Crescent West scheme at regent’s Park, UK including advice on SDLT, VAT, permanent establishment, withholding taxes and finance.

Middle Eastern Investor Advising Middle Eastern investors on all tax aspects of the financing, acquisition, structuring and development of a landmark property in London, including SDLT, VAT, withholding taxes and finance.

Legal & General Advice relating to the joint venture and acquisition of a 50% interest in The Peel Group’s £500m BBC MediaCity UK scheme in Manchester.




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Client Experience

Trading House Property OÜ

Restructuring one of the largest production property portfolios in Estonia, with additional assets in Finland and in Poland.

Tele2 Restructuring a leading telecommunication company in Estonia.

Investment company Financing of Windpark Kreekraksluis, financed with a mix of equity and debt project financing in the Netherlands.

“Eversheds’ understanding of development; their commercial approach to the transaction and their ability to get parties with differing agendas to reach agreement on technical points has been fundamental to achieving legal completion.”David Marriot Argent




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ConstructionMany real estate transactions involve either newly built or refurbished assets or those soon to be worked on. Our construction team is on hand to ensure that you take the full benefit of any ongoing warranties and covenants from contractors and professionals. The team will also advise on any disputes or claims to protect your future position.

If you carry out works on your own account, our team will work with them to fully document requirements, protect your interests during the development period and satisfy future purchasers and occupiers of the asset without adversely affecting saleability.

Client Experience

A publicly owned project management company

Several major infrastructure projects in Germany.

Ronan Real Estate Group

All construction aspects of the development of Burlington House, one of the first major office redevelopments in Dublin, Ireland since the beginning of the recession.

Client Experience

Shard of Glass The procurement contract, construction appointments, 3rd party rights, FM contracts, practical completion issues and contract retentions in the UK.

The Peak Full construction due diligence for the Swedish state Pension Fund on this new build office building in Victoria, London, including assignment of warranties to the purchaser.

Rennes OÜ Construction of the logistics centre of one of the largest beverage companies in Estonia.

Kohila Vineer Construction of a new plant in Estonia.

Microsoft Several construction contracts in France.





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Real estate litigationThe team is led by experienced partners and has acted in over 20 reported decisions in the last 3 years, covering a wide range of disputes.

The team has substantial experience in dealing with issues arising out of the acquisition, management and disposal of commercial real estate including contested lease renewals, debt collection and enforcement of lease terms. They also have particular skills in property joint venture and fund disputes as well as large scale rent review arbitration and expert determination work.

The team has substantial experience in dealing with the issues of site clearance, covenants and easements, rights to light and other nuisance claims. They have been involved in a number of reported rights to light cases both for developers and adjoining landowners; all of which have been successful.

Client Experience

Pret France Advice relating to the client’s development schemes and commercial leases.

Confidential contractor

Advising a large privately owned Irish national contractor on a potential defective cladding claim. We advise on mediation, conciliation and arbitration and the ability to join the Employer and Architect in the claim and related ADR issues.

Confidential creditor

Representing a Polish state owned entity – a creditor in the cross-border bankruptcy of an infrastructure Austrian holding. This was one of the biggest bankruptcies in the infrastructure sector in Austria. The value of the holding is around €2.6bn globally.

ABP Ports High profile contested lease renewal at Immingham Oil Terminal, the UK’s largest, resulting in eight successful judgements in favour of our client.

Maanteeamet Acting as a main advisor in relation to disputes concerning publicly financed road constructions in Estonia.




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Our corporate group can work as one team with real estate and tax to help you with all of your indirect transactions.

Getting the best structureThere are many possible holding structures for real estate, from simple onshore or offshore companies to highly complex joint ventures using a variety of vehicles.

The optimum choice for you will depend on weighing up many factors, such as investor identity, asset type and location and your business plan. These will need to be balanced with tax efficiency, flexibility for exit, types of return, regulatory requirements and future proofing.

Continuity amid changeWe are in a time of great market change, with new structure types and tax and regulatory developments constantly emerging. We can help you navigate this ever changing landscape.

Our experience covers a broad variety of joint venture and co-investment structures including:

– property funds

– onshore property companies

– offshore property companies

– limited partnerships

– offshore unit trusts

– exempt unauthorised unit trusts

– REITs

– offshore property funds and vehicles

Corporate and Funds




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“Our longstanding partners at Eversheds worked round the clock and exceeded our expectations. Their team identified our risk areas, distilled complicated issues and offered possible solutions that worked for us. They were really impressive”Graham Canvin, Head of Corporate Real Estate, HSBC UK




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Corporate and Funds experience

Client Experience

Publicly traded fund

The acquisition of several Belgian real estate companies, followed by a merger, for a global investment value of €137m and in a publicly offered capital increase of €32m.

Gulf based sovereign wealth fund

The purchase of 30 assets in France, Germany, Italy, Luxembourg and the UK. These were held in a variety of Lux, French, German, UK, Italian and German companies. We acquired all the entities and re-structured both the debt and equity position for the group. This portfolio came from multiple vendors and involved corporate and debt re-structuring, on top of the usual property and other due diligence. The combined value of the assets was over £2bn.

Middle Eastern investors

All tax aspects of the financing, acquisition, structuring and development of a landmark Covent Garden Market development in London including SDLT, VAT, withholding taxes and finance. We negotiated the shareholder agreement for the investors, the development management agreement and the onshore procurement company agreement. We were also tasked with creating a tax efficient structure including dealing with diverted profits tax.

Oaktree Advice relating to the client’s bids, acquisitions and workouts of in excess of £3bn of non-performing loans. The loans were across varied UK asset classes including residential property, offices, shopping centres and development sites.

Apollo Establishment of a classic private equity model to acquire and run a data-centre business.

Hearthstone The creation and launch of its property authorised investment fund (PAIF), the TM Hearthstone UK Residential Property fund. The fund was the first PAIF established to invest in UK residential property.

Nikal Structuring advice relating to Masshouse, a 1.1m sq ft mixed-use regeneration scheme in Birmingham Eastside, UK. We have structured the ownership to maximise efficiencies re funding and exit options, whilst ensuring the tiered ownership would be acceptable to both the local authority and potential purchasers of the various interests created.

Aberdeen Asset Management

Establishment of the first authorised contractual scheme in the property market with assets of over £4 billion, having worked closely with HM Treasury in drafting the rules for these schemes.




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Client Experience

SEGRO A number of joint venture projects with Roxhill Development Group for the potential development of more than 10 million sq ft of big box logistics warehousing over 10 years in the South East and Midlands, UK. Should all of the sites become fully developed, the total potential capital expenditure (including land and infrastructure) is estimated to be circa £800m.

Sovereign Wealth Fund

Advice relating to multiple property investments in the UK.

New River Capital Advice relating to various joint ventures and on the move from AIM to the main market of the LSE.

Catalyst Advice on various joint ventures with Starwood and Blackstone in respect of 1 America Square and Stratford Shopping Centre.

Real I.S. Advice relating to fund rules, information memoranda and other regulatory matters in Germany.

Cairn Homes Advice in relation to the client’s Irish real estate element of its recent Initial Public Offering (IPO) on the London Stock Exchange, valued at c.€450m.

Aerium A joint venture for the realisation of a city centre retail development project in Kiel, Germany.

Henderson Advice to support the fund with underlying joint ventures, sales and purchases, capital raising, financing, advice on regulatory changes, term extension and negotiation of subscription agreements with investors from a range of countries globally.




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Other services

Planning and infrastructure consenting

Residential development, multi-family and

build to rent

Hotel developments and leisure

Logistics and warehouse development

Transport and infrastructure

Timber and forest products




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Our US experience Sales and purchases

Client Experience

Confidential client Acquisition of more than 20 shopping centers having an aggregate value of more than $500 million.

Multinational Conglomerate

A multibillion-dollar sale of its North American real estate assets to a multinational financial services corporation.

Patillo Industrial Real Estate

The sale of a portfolio consisting of 4.1 million square feet of 69 industrial buildings.

A consortium of buyers

A $5 billion purchase of 3.8 million acres of forestland - the largest private timberland sale in U.S. history at the time.

Hines Acquisition of Atlantic Station Town Center, the centerpiece of the Atlantic Station development in Atlanta, Georgia.

Leasing

Client Experience

Board of Regents of the University System of Georgia

Advice in relation to a build-to-suit lease for approximately 300,000 sq ft of office space and a two megawatt data center in the United States.

Home Depot Multiple ground leases throughout the United States.

Pattillo Industrial Real Estate

Advice in relation to industrial development, leasing and build-to-suit, including the leasing and development of more than 20 million sq ft of industrial space in the United States.

Sembler Company Development, purchase and sale of projects consisting of more than 5 million sq ft of retail space, including Town Brookhaven, a mixed use facility containing in excess of 400,000 sq ft.


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Development

Client Experience

Fuqua Development and Pollack Shores Real Estate Group

Advice in relation to both the Class A multifamily and ground-level retail components of the $300 million plus mixed-use development surrounding the Atlanta Braves Stadium in Cobb County, Georgia.

Hines/public pension fund joint venture

Acquisition, development and financing of a 400,000 sq ft office tower over a retail podium with a separate structured parking deck in the Nashville Central Business District of the United States.

T5 Data Centers Acquisition, developing and leasing of numerous single user data centers and call centers throughout the United States, including more than 1 million sq ft in Georgia, Idaho, Louisiana, Kansas, Maine, Missouri and Tennessee.

Global Estate Management

Client Experience

Grant Thornton Negotiation of leasing transaction across the United States ranging from a headquarters lease in Chicago, a 130,000 sq ft lease in New York City and numerous other leases across the US between 5,000 and 150,000 sq ft.

PGi Leasing matters throughout the US and Canada involving negotiating office and data center leases ranging from a 90,000 sq ft HQ lease in Colorado to numerous leases involving between 5,000 to 15,000 sq ft.

Fortune 500 global investment management firm

Multiple leasing matters throughout the United States and in Europe, ranging from a 414,000 sq ft HQ lease in Texas to numerous leases involving between 5,000 and 100,000 sq ft.

Tax experience

Client Experience

Forestar Buyouts of joint venture partners, which included acquiring the entire interest in 17 real estate developments.

Forestland Group The planning and execution of various acquisitions, including stock and asset acquisitions by a privately held UPREIT, as well as new markets tax credit financings.

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Corporate and funds

Client Experience

Clarion Partners Recapitalization and acquisition of an 83% ownership stake by an asset management firm for $585 million.

L&B Realty Restructuring capital stack for portfolio of eight resort properties.

Public Employee Pension Plan

A joint venture with a regional operator for the acquisition of an office property in Santa Monica, California, for $284 million.

Bookdale group Formation of a series of real estate funds with aggregate capital commitments of more than $1 billion.

Forest Investment Associates

The formation of a Brazilian joint venture for this private timberland investment firm.

Public pension fund Joint ventures with two public REITs to create investment funds to acquire up to $2 billion in retail and healthcare properties in the United States.

Debt Finance

Client Experience

Bank of America The workout of a $1.2 billion securitized mortgage loan secured by a large portfolio of luxury hotels located in the United States and the Caribbean.

Metlife A $190 million mortgage loan transaction secured by the Ritz-Carlton in Key Biscayne, Florida and a $78 million loan transaction secured by the Sawgrass Marriott Golf Resort & Spa in Ponte Vedra, Florida.

Principal A $215 million mortgage loan secured by research and laboratory facility owned by MIT and leased to Pfizer.

TH Realty (fka TIAA) $120 million mezzanine financing arrangements for the purchase of the 42-story, 1.7-million-square-foot 1285 Avenue of the Americas building in New York for $1.6 billion and the origination and acquisition of a $55 million B-Note which was a portion of a $300 million first mortgage loan secured by the Graybar Building in the Manhattan CBD.

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Get in touch

“Without a shadow of a doubt, one of the best firms we have ever used.”Anonymous real estate client Chambers UK 2015

@ESrealestateLaw

Eversheds Sutherland Real Estate

eversheds-sutherland.com/RE

[email protected]


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http://eversheds-sutherland.com/RE

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“Eversheds’ continued commitment to excellence has directly contributed to the success of our Logistics North development, with transactions for the development of 2m sq. ft of new commercial space completed in the last three years alone. This efficiency, coupled with their enthusiasm, make them a pleasure to work with.” Phil Wilson, MD of Capital Growth, Harworth Group plc

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eversheds-sutherland.comEversheds Sutherland (International) LLP and Eversheds Sutherland (US) LLP are part of a global legal practice, operating through various separate and distinct legal entities, under Eversheds Sutherland. For a full description of the structure and a list of offices, please visit www.eversheds-sutherland.com.

Unlocking your potential Our global real estate team€¦ · Sales and purchases 14 Leasing 18...

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Transcript of Unlocking your potential Our global real estate team€¦ · Sales and purchases 14 Leasing 18...